DIAZ RESOURCES LTD.
#1800, 633 Sixth Avenue SW Calgary, AB T2P 2Y5 Canada Tel: (403) 264-2398 Fax: (403) 269-9890The following is for immediate release in Canada, March 14, 2012
DIAZ COMPLETES FIRST WELL IN CURRENT MACKLIN, SASKATCHEWAN DEVELOPMENT PROGRAM Diaz Resources Ltd. (TSXV: "DZR") today announced that the first well drilled in the three well horizontal Dina heavy oil well development program at Macklin, Saskatchewan began production on March 8, 2012. The well is currently producing at a rate of 110 BOPD.The success of this key well has significantly expanded the Macklin Dina oil pool, based on the Company's geological and geophysical interpretation. The well was drilled immediately to the north of the four currently producing Macklin oil wells, testing a section of mineral rights acquired by Diaz in late 2011.
The second well in the program has been drilled and cased and is awaiting the third well to finish being drilled prior to completion. The third well began drilling on March 11, 2012. The last two wells in the program are expected to be on production by March 23, 2012.
Diaz has a 45% working interest in the Macklin project. The remaining 55% working interest in
Macklin is held by Tuscany Energy Ltd.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Robert W. Lamond, Chairman & CEO
DIAZ RESOURCES LTD. Telephone: (403) 269-9889
Fax: (403) 269-9890
TSXV: DZR
Donald K. Clark, Vice President Operations
DIAZ RESOURCES LTD. Telephone: (403) 269-9889
Fax: (403) 269-9890
ADVISORY: Certain information in this news release, including
drilling plans and projected drilling, completion and
equipping costs, and production rates from the Lloydminster
and Macklin fields may constitute forward-looking statements
under applicable securities laws and necessarily involve
risks including, without limitation, risks associated with
oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets,
volatility of commodity prices, currency fluctuations,
environmental risks, competition from other producers,
inability to retain drilling rigs and other services, capital
expenditure costs, including drilling, completion and
facilities costs, delays resulting from or inability to
obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources. As a
consequence, actual results may differ materially from those
anticipated in the forward-looking statements. Readers are
cautioned that the foregoing list of factors is not
exhaustive.
Where amounts are expressed on a barrel of oil equivalent
(boe) basis, natural gas volumes have been converted to
barrels of oil at six thousand cubic feet (mcf) per barrel
(bbl). Boe figures may be misleading, particularly if used in
isolation. A boe conversion of six thousand cubic feet per
barrel is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. References to oil in
this discussion include crude oil and natural gas liquids
(NGLs).
The forward looking statements contained in this press
release are made as of the date hereof and Diaz undertakes no
obligations to update publicly or revise any forward looking
statements or information, whether as a result of new
information, future events or ot herwise, unless so required
by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.